The cooperative and mutual insurance sector is the fastest growing part of the global insurance sector. ICMIF represents just under 200 of the leading cooperative and mutual insurers from more than 60 countries.
Leveraging their mutual/cooperative values and unique governance arrangements, ICMIF members are the fastest growing part of the insurance sector. ICMIF members have grown at a significantly faster aggregate rate than both the global insurance market as a whole and the total cooperative and mutual insurance market since 2007*. During this 10-year period, ICMIF members increased their collective premium volume by 39.3%. This exceeded the total cooperative/mutual market by more than 10 percentage points (29.2%) and was also considerably greater than the total market average, which grew by a total of 16.8%.
Once an application for membership has been received this will be reviewed and in most cases approved quickly by the ICMIF Executive Committee which meets regularly. Their decision is then further endorsed by the ICMIF Board of Directors at its annual meeting.
If and when membership of the Federation is granted, this will also provide automatic membership of the appropriate regional association.
ICMIF is primarily funded through its membership fees but may also gain an income from some additional services, such as conferences and training for which a delegate fee is sometimes charged to members.
* ICMIF Key Statistics 2018 report
The membership fee is based on the gross premium income of the member in the financial year ended during the calendar year two years before the year for which fees are due. Membership fees are invoiced annually and are payable directly to ICMIF. For ICMIF members in the Americas region (North, Central and South America and the Caribbean) and in the Asia and Oceania region (excluding Japan), there is only one fee invoice combining the ICMIF headquarters and the regional association fees.
Members in Africa and the Middle East do not have an active regional association representing them but instead tend to participate in the Development and Takaful global networks which are run by ICMIF.
European members were members of ICMIF’s European regional association ACME prior to 2008. ACME merged with AISAM in January 2008 and is now known as AMICE (the Association of Mutual Insurers and Insurance Cooperatives in Europe). European members can choose to be direct members of AMICE which is an autonomous association but still maintains a strong connection to ICMIF with many European mutuals and cooperatives being members of both ICMIF and AMICE.
The fee process
The ICMIF membership fee is calculated taking into account the following parameters:
Fees are calculated based on the applying organisation’s gross written premium income (GWP) for the financial year ended in the penultimate year before fees are due (eg fees for 2020 are based on financial year ended in 2018).
Fees are calculated on the member’s GWP in appropriate local currency multiplied by the fee rate (currently 20 per million or 30 per million for the Americas region). ICMIF will work with the prospective member to ensure that the calculation of fees is correct.